House for sale

164 Water Street,

Spring Hill, QLD

5 4 2
Offers Over $1,400,000

Truly Unique Offering

Every once in a while something truly unique and amazing comes to the market and this is one of those times.

Offering untapped potential, an amazing location and all the character and charm that you would expect in Spring Hill without the restrictions often attached. 164 Water Street (the lower house) and 21 Hipwood Street (the upper house) is one of the more interesting properties you will ever come across. From the street it would be easy to believe that this property was built in the early 1900's, but this is not the case. After the previous property on the site was damaged by fire, the owners set about building and replacing the property from new with two great replicas. Currently on one title, you could look at the option of subdividing the two homes and having separate titles (STCA). The owner has approval to subdivide with just one more condition to be meet in relation to the sewer.

Starting at the upper house which is accessed from 21 Hipwood Street, this home offers a free standing tri-level property with a single car lock-up carport. With a sizeable ground floor offering a light filled interior, separate lounge and dining zone, centrally located kitchen as well a laundry and water closet. With easy access off the lounge to a private courtyard style yard. Moving to the upper level you find two great sized bedrooms with a full bathroom located in the centre. The master bedroom also offers ample space and potential to add in an ensuite. Where things get even more creative, is the loft zone with is accessed via a permanently fixed ladder style stair case and additional storage options in the floor cavity.

Moving to the lower house with its frontage on Water Street, and things just keep getting better. One of the more unique features is the "Parlour" located on the ground floor which is fully self contained. The next two levels of this home which also offer separate access from the parlour you find the largest of the properties, with its wrap around veranda and additional outdoor areas, the entry level of this one also offers light filled interiors, a sizeable and air-conditioned living and dining zone, full kitchen, water closet, access from the secure carport and internal access to the upper level. The upper level of the home features three bedrooms (two loft style), ensuite and main bathroom.

With the Parlour and the lower house currently rented separately and returning a combined income of $640 per week (parlour - $220, lower house $420), the upper house is currently vacant having been recently refreshed with new carpet and paint throughout and has been appraised at $420 - $450 per week. With a total potential return currently of over $1,000 per week.

This is the first time the properties have been offered for sale since being built and due to the change in the sellers circumstances, it now has to be sold!

At just one kilometre from the GPO in one of Brisbane's most admired, character-filled precincts, 164 Water Street offers an exciting gateway to the CBD's world class shopping, dining, recreational and cultural attractions.

It is also conveniently close to the café societies of Spring Hill, Paddington, Fortitude Valley and New Farm, you are never more than ten minutes from everything this unique locality has to offer.

The location is exceptionally close to some of Brisbane's leading secondary colleges - Brisbane Boys Grammar, Brisbane Girls Grammar and St Joseph's College Gregory Terrace are all a short stroll away. All Hallows Catholic Girls' College is also nearby in Fortitude Valley.

Nearby is the Centenary swimming pool and gymnasium complex. The RNA Show grounds are just around the corner and Victoria Park golf course is only minutes away. Other handy facilities include convenience shopping, tennis courts and the Roma Street Parklands. St Andrews Private Hospital is a short distance away with the Royal Brisbane Hospital, The University of Queensland Medical School and the medical specialists of Wickham Terrace also within easy reach.

Some of Brisbane's most beautiful Churches and Cathedrals are within walking distance.

Truly unique offering
Possible subdivision potential
Great rental return
Replica character properties
Two street frontage
397m2 block
Last updated: 05:19AM on Sep 5th 2017
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